Amadeusz Juskowiak

Aibd cedel euroclear join in trade match system

The Association of International Bond Dealers AIBD said it will cooperate with major clearing agencies Cedel and Euroclear on a eurobond trade confirmation and matching system to come into force by September this year

The system designed to give market participants a fast and reliable way of checking whether transactions are matched will initially cover reporting of confirmed and mismatched trades

It will include recording additional trade data checking comparison and matching any new elements but will only apply initially to delivery against payment transactions AIBD said

The AIBD said in a statement it would be responsible for developing suitable rules to back up the two clearing systems when they introduce their new matching matching facilities and confirmation systems by September this year

Euroclear and Cedel intend to bring a trade dateplusone matching capacity reporting on a given day on trades entered by 1000 London time designed to work with a planned AIBD rule requiring the entry of previous days trades by that time

The confirmation system covering critical trade data is designed to aid the trader and the settlements department and also reduce trading risks in volatile markets AIBD said